The Digital Mortgage truth is much different than the hype.
Minneapolis, MN: It is 2018. The number of people who physically step into a bank or mortgage lender to do a home loan application is dwindling everyday. The vast majority of complete an online loan application on a desktop computer or iPad, or even apply via a Smartphone.
Technology allows lenders to do more parts of the process electronically that ever before, including electronically signing application documents, secure uploading your documents, and even apps that shows the current status of your application 24/7.
Very cool technology, with this process now commonly referred to as a ‘Digital Mortgage’.
I see many places claiming using a digital mortgage will save you a ton of money. Mainly because somehow this streamlines the process, blah blah blah.
Taking the loan application online is only one small part of the mortgage loan process.
You still need to supply W2’s, pay stubs, bank statements, tax returns, etc. We still need processors, underwriters, and a large number of back office staff.
While yes, we can now get some of these documents electronically, I haven’t done a single loan yet without needing the client to supply at least s half of these standard supporting documents themselves.
You still need, and still want to have a conversation with a licensed professional Loan Officer to discuss your wants, needs and goals. To analyze your situation, to determine the correct loan for you, to answer any questions, and walk you through the process.
Yes, you can complete a loan application in 10 minutes on your phone, but that is a long long long way from being fully approved and actually successfully closing a mortgage loan.
There is no fast rocket way to circumvent the bulk of the mortgage process. So don’t be fooled or make a lender choice simply because of a gimmicky claim of a digital mortgage process. That just isn’t reality – yet. It is the largest financial transaction of your life. Don’t entrust it to your cell phone.
Ready to get started?
It’s easy. Simply complete the Online application. You’ll be applying directly with me, Joe Metzler, an experienced, multiple award winning Loan officer with over 20-years in the the business. We lend in MN, WI, and SD. Learn more about me HERE.